The Naira recorded a stable performance in the early trading session on Tuesday, January 20, 2026, as the foreign exchange market responds to recent government forecasts of economic consolidation and a projected growth rate of 4.68 per cent for the year.

In the Nigerian Foreign Exchange Market (NFEM), the Naira opened at 1,419.37 per dollar and appreciated slightly to 1,417.53 per dollar by mid-morning. This represents a marginal gain of 0.13 per cent from the opening rate, signalling relative calm in the official segment.

The steadiness in the NFEM is bolstered by enhanced transparency and reporting in the Central Bank of Nigeria’s handling of external debt and liquidity. Finance officials have pointed out that although nominal debt levels remain elevated, prior exchange rate reforms have helped stabilise the debt-to-GDP ratio, creating a more predictable climate for foreign investors and domestic manufacturers.

In the parallel market, which caters to retail and smaller transactions, the dollar continues to trade at a premium. In key commercial centres like Lagos, Abuja, and Kano, exchange rates range between 1,465 and 1,480 per dollar.

Although the gap between the official and parallel markets persists, it is considerably narrower than the wide disparities seen in previous years. Currency traders in Lagos report that current demand is adequately met by supply, with no significant speculative surges observed in the morning session.

Economic analysts attribute the Naira’s present trajectory to a “consolidation phase” in the Nigerian economy. With inflation showing modest easing and exchange rate stability providing support, attention is turning to the central bank’s ongoing intervention measures to align liquidity with growth objectives.

Investors are closely monitoring global oil price trends, as any major changes in petroleum demand could affect Nigeria’s foreign reserves and, in turn, the sustained stability of the exchange rate.